Hopson moves Asia debt down the credit curve

Hopson Development receives $6 billion worth of orders for its junk bonds.

Asia’s bond market continued to churn out deals last night with usual visitors such as Philippine port operator ICTSI and Hysan Development tapping the market. However, it also took a turn down the credit curve with a Chinese developer pricing the first triple C-rated dollar bond out of Asia in a long while.

Hopson Development’s bond was rated Caa1 by Moody’s and CCC by Standard Poor’s, but its junk status did little to deter investors...